Paying off a high rate 401K loan & paying off credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 25% |
| Lender Rate: | 12% | Borrower: | 5kitties |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-06-18 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jun 18, 2008 | Current |
| Aug 24, 2008 | Payoff in progress |
| Aug 30, 2008 | Paid |
|
Purpose of loan: This loan will be used to? payoff and restructure my higher rate 401K loan. My current loan has 30 months left on it. It is at 10.75% interest. I pay 146.00 a WEEK on this loan and have 132 payments remaining. If I pay it off and take out another loan the new rate will be 5.25%. The loan was originally taken out to pay off high interest credit cards after my husband left me with a ton of credit card debt. I plan on using the difference (taken out of my paycheck weekly) to continue paying off current credit card debt. All my current credit cards are either paid off entirely each month or are at no more than 5.99% interest. I have been saving for over 4 years to get enough money for a downpayment on an investment home in Tennessee. I need 10% cash until anyone will even look at me even though my credit is excellent. I have been preapproved, but it's been hard to save when so much of my paycheck goes to my 401K loan and my other bills. My financial situation: I am a good candidate for this loan because? I always pay off my debts on time or early. I paid off my last 2 car loans at least a year or more early. I have excellent credit and would really like to be able to get enough money for a down payment on a cabin in the Smoky Mountains. The cabin would be put on an overnight rental program and it would pay for itself in rental fees. Your funding of this loan will help me get closer to my goal by allowing me to pay off my debt alot sooner. I am very responsible and have worked for my current employer for over 16 years. I have no dependents and my income is enough to cover the bills. This loan would be paid off in a very short period of time as I would be taking out another 401K loan and using that money to pay off Prosper. I hope one day to be able to get yet a few more properties and be able to retire as a "snowbird." Meaning I'd spend my summers in the mountains and my winters in my current home in Florida. Thanks for your interest. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 343616 | Restructuring high rate 401K loan & paying off credit cards | AA | $17,000 @ 7% | Jun 03, 2008 | Withdrawn |
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